The 2018 bear market seems to be receding as the bulls seem to be coming on strong against the bears. While the market has seen a short recovery period before which did not last, another bull run has been in force in the last 72 hours.
BTC which crashed to a year low of less than $3,200 has made a remarkable recovery in the last 72 hours gaining 7.17% to trade at $4,000 for the first time in weeks. In the last 24 hours, the asset broke the $3,400 level and has been appreciating all the way. In the same vein, other top cryptocurrencies have seen significant gains during this period.
Worthy of note is the fact that Bitcoin Cash (BCH) which has been struggling since the November 5th fork has gained over 32% in this market recovery, reclaiming the seventh spot which it lost to Litecoin just last week. Not only that, it has beaten the Tether stablecoin, Stellar and EOS to claim the 4th spot. Almost all cryptocurrencies are on a steady rise led by BTC in the remarkable recovery.
The market crash which has created a lot of controversy in the cryptocurrency space has been devastating and demoralizing both for investors and exchanges. Several crypto industry employees have lost their jobs because employers could not sustain their support due to the crash.
Although some believed the market would not recover, the last 72 hours have proved otherwise and there are indications that the recovery will continue, seeing it has been slow but with a steady rise and relatively small volatility compared to last week.
Should the recovery continue at this rate, attaining a price of $5000-$7000 by the end of December should be a walk in the park for BTC and the other cryptocurrencies that are riding the wave. Where are we headed from here? Will the recovery continue or will it dip again before a significant recovery is seen probably in 2019?